2024 First-quarter results
May 3, 2024
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2024 First-quarter results
Contents
- Highlights
- Q1 2024 results
- 2024 full-year targets unchanged
- Ongoing acquisitions strategy
- SBTi Net Zero commitment for 2050
- Combined General Meeting of Shareholders on May 29, 2024
- Success of the first international share ownership plan for employees
- Financial agenda and Corporate access
- Appendices
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1
Highlights
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Highlights
Q1 2024 results | ||
• | Change in sales | : -5.6%,i.e. -3.7% excl. FX & Russia |
• | Adjusted operating margin | : 20.5% of sales |
• Net profit attributable to the Group | : 13.6% of sales |
Ongoing execution of strategic roadmap
•
•
3 acquisitions announced since the beginning of the year Net Zero SBTi commitment for 2050
2024 full-year targets unchanged
• | Sales trend (LFL + Acquisitions) | : low single digit growth |
• | Adjusted operating margin | : 20.0% to 20.8% of sales, before acquisitions |
CMD on September 24, 2024 in London
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Q1 2024 results
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Q1 2024 results
Change in net sales
-
millions
2,150
2,028
-5.6%
Q1 2023 | Q1 2024 |
-5.4%Organic
+1.8% | -1.1% | (1) |
Acquisitions | Russia | External : +0.7% |
-1.0%FX(2)
1. Based on acquisitions made as well as the effective sale of the Group's Russian activities at October 4, 2023, the overall impact should be, in 2024, close to +1% full year, of which close to +1.5% linked to acquisitions and -0.6% to the impact of disengagement from Russia.
2. Based on the average exchange rates in April 2024 alone, the full-yearexchange-rate effect on sales would be close to 0% in 2024 | 6 |
Q1 2024 results
Organic sales trends by destination
EUROPE | NORTH & CENTRAL AMERICA | REST OF THE WORLD | ||
43.7% OF GROUP | 37.4% OF GROUP | 18.9% OF GROUP | ||
-4.7%
Building market still severely impacted
2023 high basis of comparison
MATURE COUNTRIES -5.1%
(37.8% of Group)
Solid resilience Italy, UK or Spain
NEW ECONOMIES -2.4%
Growth in Turkey
-6.0%
UNITED STATES -6.1%
(33.8% of Group)
Contracting markets excluding datacenters
MEXICO & CANADA
Rise in Canada
Sharp decline in Mexico
-5.8%
ASIA-PACIFIC-5.8%
(11.5% of Group)
Growth in India
Marked decrease in China
AFRICA-MIDDLEEAST -6.5%
(3.2% of Group)
Significant decrease in Africa Robust growth in the Middle East
SOUTH AMERICA -5.1%
(4.2% of Group)
Rebound in Brazil
Building market marked slowdown, as expected
Limited decline in revenue highlighting
the strength of Legrand business model and the solidity of Group market positions
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Q1 2024 results
Adjusted operating margin
Q1 2023 | Adjusted operating margin |
Profitability resilience that once again demonstrates Legrand ability to protect margins in a context of declining sales, thanks to
- Intact pricing power
- Solid cost control
Q1 2024 | Adjusted operating margin before acquisitions(1) |
Impact of acquisitions
Q1 2024 | Adjusted operating margin |
22.2%
-1.6 pts
20.6%
-0.1 pts
20.5%
1. At 2023 scope of consolidation | 8 |
Q1 2024 results
Net profit
NET PROFIT ATTRIBUTABLE TO THE GROUP
€276MM
13.6% of sales
Decrease in operating profit
Unfavorable financial result & FX 26.0% corporate income tax rate
EARNINGS PER SHARE €1.05 (-15.1%)
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Q1 2024 results
Cash generation
FREE CASH FLOW
€146MM
7.2% of sales
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Disclaimer
Legrand SA published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 05:34:07 UTC.